Prenuptial agreements used to be thought of as a tool for the wealthy. It was a way for them to protect against losing a significant amount of their assets in the event of a divorce. Over the years, though, that has changed. Prenuptial agreements are becoming much more common amongst people from all different income brackets. There are several reasons for this phenomenon. Below are some of the reasons that prenuptial agreements are becoming more commonplace, as well as reasons that you might be a good candidate for this type of legal arrangement.
Everyone goes into marriage hoping that it will last forever. Unfortunately, for many married couples, that is not the case. Though divorce rates are falling, many couples are opting for prenuptial agreements because they realize that a substantial percentage of marriages still end up in divorce. They want to protect themselves and their interests in case the relationship ends down the road.
Many people who enter prenuptial agreements have been married before. Even if there are no kids or substantial assets involved, the divorce process can get difficult fast. A prenuptial arrangement can help simplify matters significantly.
Additionally, when individuals have children from a previous relationship, they may want a prenuptial agreement to make arrangements for their children in the event of divorce or even death.
A prenuptial agreement is helpful when deciding what happens to the assets and debts of the couple in the case of a divorce. Without a prenuptial agreement, there is the chance that property, debts, investments, and wealth could be divided in a way that satisfies neither party in a divorce.
For example, things like student loans or credit card debt that one half of the couple accumulated during the marriage could become the responsibility of both parties unless a prenup specifies otherwise. If one member came into the marriage with significantly more assets, such as a house or investments, a prenup also ensures that those assets aren’t then divided if they later get divorced.
Many couples could benefit from a prenuptial agreement. A family law attorney should draft your prenuptial agreement so that it can't be challenged later. If you’ve already gotten married but feel like a prenuptial type of agreement could be useful for you and your spouse, you can ask your family law attorney about a postnuptial agreement.
While no one who is getting ready to start a marriage or at the beginning of a marriage wants to contemplate divorce, planning for the possibility is important. In some cases, it can even strengthen your relationship. Talk to your partner and a lawyer about the benefits of putting together a prenuptial agreement.
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